Essent Group Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Essent Group Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	458	577	719	868	955	1,029	1,001	1,110	1,243	1,261
Interest expense	0.43	5.18	10.2	10.2	9.07	8.28	15.6	30.1	35.3	32.7
Pre-tax income	312	399	547	659	490	822	988	823	855	822
Income tax	89.3	18.8	79.3	103	77.1	141	157	127	126	132
Net income	223	380	467	556	413	682	831	696	729	690
EPS, basic	2.45	4.07	4.80	5.68	3.89	6.13	7.75	6.56	6.92	6.97
EPS, diluted	2.41	3.99	4.77	5.66	3.88	6.11	7.72	6.50	6.85	6.90
Shares, basic (weighted)	90.9	93.3	97.4	97.8	106	111	107	106	105	99
Shares, diluted (weighted)	92.2	95.2	98	98.2	106	112	108	107	107	100
Dividend per share				0.30	0.64	0.70	0.86	1.00	1.12	1.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.5	43.5	64.9	71.4	103	81.5	81.2	142	131	123
Short-term investments	132	313	154	315
Property, plant and equipment	8.12	6.98	7.63	17.3	15.1	11.9	19.6	41.3	41.9	49.2
Lease right-of-use assets				10	8.7	6.4	13.1	32.2	30	29.9
Goodwill							0	50	48.8	48.8
Total assets	1,883	2,674	3,150	3,873	5,203	5,722	5,724	6,427	7,112	7,441
Total liabilities	539	734	784	889	1,340	1,486	1,261	1,324	1,508	1,684
Paid-in capital	918	1,127	1,111	1,119	1,571	1,429	1,350	1,300	1,215	650
Retained earnings	436	815	1,282	1,809	2,152	2,755	3,493	4,082	4,691	5,257
Other comprehensive income	-12.3	-3.25	-29	56.2	138	50.7	-383	-280	-304	-152
Shareholders' equity	1,344	1,940	2,366	2,985	3,863	4,236	4,462	5,103	5,604	5,757
Total equity	1,344	1,940	2,366	2,985	3,863	4,236	4,462	5,103	5,604	5,757
Total liabilities and equity	1,883	2,674	3,150	3,873	5,203	5,722	5,724	6,427	7,112	7,441
Shares outstanding	93.1	98.4	98.1	98.4	112	109	108	107	105	95.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	223	380	467	556	413	682	831	696	729	690
Depreciation and amortization	4.06	3.92	3.4	3.77	3.33	3.38	3.02	4.53	5.78	5.23
Stock-based compensation	16.9	18.7	15.1	16.6	18.5	20.8	18.4	18.4	24.8	20.8
Deferred income tax	57.6	-19.4	50.7	59.5	38.7	84	58.2	-13.2	32.2	48.6
Change in receivables	-4.96	-8.16	-7.12	-3.77	-8.85	3.34	-11.2	-2.07	7.47	4.42
Cash from operations	275	369	625	590	728	709	589	763	862	856
Capital expenditures	-3.16	-2.78	-4.05	-3.41	-2.45	-2.5	-3.98	-4	-6.77	-7.36
Acquisitions						0	0	-86.8	0	0
Purchases of investments	-657	-833	-1,126	-1,045	-1,575	-2,271	-1,378	-1,116	-1,648	-1,120
Sales and maturities of investments	27.2	71.9	115	88	262	267	247	664	412	831
Cash from investing	-365	-690	-547	-545	-1,154	-583	-399	-526	-707	-155
Debt issued							0	0	498	0
Stock issued	0	198	0	0	440	0	0
Share buybacks	-4.02	-7.58	-31.4	-9.01	-6.35	-164	-97.9	-70.7	-112	-588
Dividends paid		0	0	-29.3	-69.4	-77.7	-92.1	-106	-118	-122
Cash from financing	93.7	338	-57	-38.4	458	-147	-190	-177	-165	-710
Net change in cash	2.93	16	21.4	6.4	31.5	-21.3	-0.25	60.5	-10.3	-8.43
Free cash flow	271	366	621	586	725	707	585	759	855	849
Interest paid	0.32	4.69	9.45	9.86	8.26	6.95	13.6	28.6	17.2	31.3
Income taxes paid	30.8	40.3	29.3	41.5	38.7	55.8	98	140	92.5	91.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	62.0%	Pre-tax income / revenue.
Net margin	51.5%	Net income / revenue.
FCF margin	62.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	63.0%	Cash from operations / revenue.
Effective tax rate	17.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.0%	Net income / average total assets.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	25.4%	Total liabilities / total assets.
Tangible book value	$5.66B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	27.7x	Revenue / average property, plant and equipment.
FCF conversion	121.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.48	Revenue / diluted weighted shares.
FCF per share	$9.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.13	Cash from operations / diluted weighted shares.
Book value per share	$63.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$63.01	Tangible book value / shares outstanding.
Cash per share	$0.83	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	15.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	74.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.73B	Share price x shares outstanding.
Enterprise value	$5.65B	Market cap + total debt - cash - short-term investments.
P/E	8.41x	Market cap / net income. Only when net income is positive.
P/S	4.33x	Market cap / revenue.
P/B	1.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.01x	Market cap / tangible book value, when positive.
P/FCF	6.94x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.87x	Market cap / cash from operations, when positive.
EV/Sales	4.27x	Enterprise value / revenue.
EV/FCF	6.85x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.4%	Free cash flow / market cap.
Earnings yield	11.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	12.8%	(Dividends paid + share buybacks) / market cap.

What was Essent Group Ltd.'s revenue in fiscal 2025?

Essent Group Ltd. reported revenue of $1.26B for fiscal 2025, 1.5% higher than the year before.

Was Essent Group Ltd. profitable in fiscal 2025?

Yes. Net income was $690.0M, a net margin of 54.7%.

How much free cash flow did Essent Group Ltd. generate in fiscal 2025?

Cash from operations of $856.1M minus capital expenditures of $7.4M left free cash flow of $848.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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